As you are probably aware, Congress recently passed additional COVID relief provisions. At this stage, pending regulatory interpretation of the provisions from the Treasury Department, as well as the Small Business Administration, here are bullet points of what we believe is included:
- Additional individual stimulus payments at $ 600 per person – this may be increased at a later date. There are income phase outs as before. You need not do anything, it will be automatic.
- Simplified PPP Forgiveness applications for loans under 150K. We are waiting for guidance on this— so nothing to do as of yet for all forgiveness applications.
- Additional PPP funding has been allocated by Congress. This round will be more stringent and will require demonstrated revenue reductions of at least 25% for specified periods between 2020 and 2019. So, hurry with your year-end accounting.
- It appears as we thought, that PPP loans, as well as SBA loan payment forbearance for the six month period, for those of you who have SBA loans, will not be a taxable event.
- Additional unemployment assistance.
- There are a multitude of other provisions and extenders that we will be monitoring as they affect your individual client situation.
We will keep you apprised as more guidance is published.
There is a grant program available to those small businesses in Nye County that have suffered a loss of revenue since the Covid-19 Pandemic took over. We encourage everyone that has experienced a loss in revenues to consider applying for this grant. Having received PPP or EIDL money doesn’t disqualify you. There is $8,000,000.00 available and applications are being accepted through October 6, 2020. You should get your applications submitted as soon as possible.
To learn more about the program and begin the application process, please click HERE.
Good morning clients. We just wanted to provide you with a few updates in regards to what’s available to you for your business during COVID-19.
- The Paycheck Protection Program (PPP) loan application deadline has been extended to August 8th, 2020.
- The SBA.gov’s EIDL Portal is now reopen and accepting applications here.
- A short form of the PPP forgiveness application has been made available and can be located here.
If you have any questions regarding any of these updates or need any assistance, please don’t hesitate to reach out to our office.
Good Morning! I just wanted to say thank you to everyone that supported my run for the Valley Electric Association Board Director seat for District 6.
IT WAS A SUCCESS!
Click HERE to see the announcement made by Valley Electric Association last night at the end of the District 6 Annual Meeting that was held virtually due to Covid-19. Looking forward to officially taking the seat on May 28th, 2020.
Thank you again for all your support!
Just wanted to post a little update to let you all know that the deadline to submit your vote online has been extended through April 20th, 2020 at 9:00 a.m. PST
Please click HERE to visit my profile and learn a little more about me and why I want to serve the community through VEA.
To place your vote, if you haven’t already done so, please click HERE.
Thank you once again for your consideration and support throughout this election!